WTI Extends Gains After Big Crude Draw

While Brent popped on Norway disruptions today, WTI has traded in a narrow range for two weeks as US crude production has flatlined for three weeks amid Permian pipeline bottlenecks.

API

Crude -6.7mm

Cushing +1.952mm (-1.3mm exp)

Gasoline -1.59mm

Distillates -1.925mm

A major crude draw was offset by a surprise build at Cushing...

EIA raised its U.S. crude output forecast to 11.8m b/d in 2019 compared 11.76m b/d estimate in June report.

Oil Prices have traded in a narrow range for the last two weeks with WTI hovering around $74 today ahead of the API data and extended the gains after the big crude draw...

Geopolitical risks, shrinking spare-production capacity, and wariness that OPEC may renege on pledges to raise output are creating a “perfect storm” in crude markets, said Ehsan Khoman, an analyst at MUFG Bank Ltd.